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Feb 4, 2013
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the deficit problem is the problem for later in this decade. the jobs problem is the problem today. and this talk of a contracti contractionary fiscal position. it is hurting the economy. >> he wantive harris? >> in the end, we've got to get our deficit under control while we grow the private sector economy. we can't do it through new taxation. you can't tax your way out of this mess. that's the problem. the president has decided that's the approach he's going to take. the republicans have a different approach. we believe we have to rein in entitlement spending, the budgets up until now. again across the aisle and on the other side, they're unwilling to handle. >> we'll leave it there. thank you. >> let you both get back to work. thanks for joining us. >> thank you. >> appreciate your time. thanks very much. isn't it nice to know in two weeks you haven't missed anything? >> this sounds familiar. >> 40 minutes before the closing bell sounds. dow down 103 points. >>> google getting downgraded after a record high on friday when we allegedly hit 14,000. why did that happen? and are you
the deficit problem is the problem for later in this decade. the jobs problem is the problem today. and this talk of a contracti contractionary fiscal position. it is hurting the economy. >> he wantive harris? >> in the end, we've got to get our deficit under control while we grow the private sector economy. we can't do it through new taxation. you can't tax your way out of this mess. that's the problem. the president has decided that's the approach he's going to take. the...
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Feb 7, 2013
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he said he is still hopeful for a bigger deal to address the debt and the deficit. >> a lot to talk about with our next guest. reaction from capitol hill from kentucky republican senator rand paul. we welcome you, snofrenator. do you think we'll get a deal on the sequestration issue before march 1st? >> you know, all these people carping about sequestration being harmful to the economy. that would presume that the government creates wealth by spending money. i think that's a ridiculous keynesian notion that's been disproved for the last 40 years. so i think cutting spending is precisely what you should do to spur the economy. when money comes to washington and it's spent, that's how it's disruptive and spent inefficiently. let's leave that money in the marketplace. >> are you saying you want to see the sequester happen? >> the sequester barely cuts any icing off the top of the cake. spending is going to rise $9 trillion over the next ten years. the sequester takes 1 trillion off of that. spending still goes up $8 trillion over the next ten years. that's why bowles/simpson said we need 4 t
he said he is still hopeful for a bigger deal to address the debt and the deficit. >> a lot to talk about with our next guest. reaction from capitol hill from kentucky republican senator rand paul. we welcome you, snofrenator. do you think we'll get a deal on the sequestration issue before march 1st? >> you know, all these people carping about sequestration being harmful to the economy. that would presume that the government creates wealth by spending money. i think that's a...
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Feb 5, 2013
02/13
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you look at what california, my great state did, over the last year closing their budget deficit overnight really with tax -- big tax rise that governor brown got through. gold is the fear trade and look how quickly that has abated here in california. that potentially is a mantra for the country, and if people think the fear trade is gone. where are they going to go, equities and 14,000 may just be the beginning. that's what i see. >> that's right. >> the gold rush is over in california, again. >> thanks, everybody. we'll see you soon. appreciate your time. we are watching dow 14,000 going into the close tonight. josh lipton is right now looking at the stocks leading the comeback. over to you, josh. >> maria, big gains today following yesterday's selloff and lots of new highs starting with the dow transports, hitting a new all-time high year-to-date. the transports have outpaced the dow industrials by over 4%. all driving the rally, information technology stocks, computer sciences. the biggest gainer in the sector and on the s&p 500 today, up around 10%, a turnaround story, the i.t. compan
you look at what california, my great state did, over the last year closing their budget deficit overnight really with tax -- big tax rise that governor brown got through. gold is the fear trade and look how quickly that has abated here in california. that potentially is a mantra for the country, and if people think the fear trade is gone. where are they going to go, equities and 14,000 may just be the beginning. that's what i see. >> that's right. >> the gold rush is over in...
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Feb 8, 2013
02/13
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in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over entirely. if you extrapolate a 5% or 6% return we've had so far this year, we'll have one of the greatest stock markets of all time in the face of, you know, good earnings but not great earnings, in the face of still slow growth. i think that's a little unrealistic so we'll probably get a little bit of a pullback, unusual if we didn't. still recommending a substantial allocation to equities. this year looks like last year, political uncertainty. last year was a good year for stocks. as for stocks versus bonds, i've been thinking it was the end of a 30-year bull market in bonds for the past three years. by the sa
in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over...
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Feb 5, 2013
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what's a better way to reduce the deficit? >> pro-growth policies and i think we can do that through comprehensive tax return where we can lower rates, broaden the base and have a less complicated tax code and independent experts show if we can do that with spending cuts, we can create 1 million jobs in the first year. >> well, it just seems like we keep kicking the can down the road, delaying, delaying, delaying. the cbo says the automatic budget cuts would cut our gdp in half. given that, does it make you more inclined to sign on to the president's plan? >> look, house republicans passed last august a plan to change the mix of those spending cuts in the first year, and that's still out there, but what the president did, he's got his revenue at beginning of the year. more revenue will just hurt the economy. it will cost us jobs, so what we really need now is the second piece of the balanced approach the president called for in december which is the beginning of reining in our debt and deficits. again, on the president's commi
what's a better way to reduce the deficit? >> pro-growth policies and i think we can do that through comprehensive tax return where we can lower rates, broaden the base and have a less complicated tax code and independent experts show if we can do that with spending cuts, we can create 1 million jobs in the first year. >> well, it just seems like we keep kicking the can down the road, delaying, delaying, delaying. the cbo says the automatic budget cuts would cut our gdp in half....
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Feb 4, 2013
02/13
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coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way. >> so what does smart spending cuts mean? judd gregg is co-chair of the fix the debt campaign. robert reich is from the university of california at berkeley and author of "beyond outrage." both are cnbc contributors and we thank you for joining us. good to see you both. senator gregg, what's a smart spending cut? what's that mean? >> i don't know. i think it's a washington speak word for probably no cuts. >> no cuts? >> that's the tradition in washington. they say if it's not a good cut, don't make the cut. the fact is there's going to have to be decisions made here. taxes were raised at the end of the year. and we know we can't get to the fiscal responsibility we need without our entitlement accounts. they'll vo to step up. >> do you think we will actually see spending cuts on the entitlements? >> what i think is going to happen here is you're going to e see the sequester. it's going to go forward. the pressure is going to be so strong from groups t
coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way. >> so what does smart spending cuts mean? judd gregg is co-chair of the fix the debt campaign. robert reich is from the university of california at berkeley and author of "beyond outrage." both are cnbc contributors and we thank you for joining us. good to see you both. senator gregg, what's a smart spending cut? what's that mean? >> i don't know. i think it's a...
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Feb 7, 2013
02/13
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we don't need to do this now so i think we should -- we've done plenty of deficit reduction for right now. the newest cbo numbers show the deficit is going to come down dramatically in the next couple of years. let's get to another election. >> can you really say -- can you real say we've done deficit reduction when in fact the only thing that was cut was the projected it was -- laura. we still have $16.4 trillion in debt. that's -- >> yes, and i want to ask you, maria, what's the concern about that? can we pay off that debt? all of the world's bond markets and capital investors think we can. i think we can. i don't know why we want to fix it sate on that number right now. i want to fixate on fixing debt to gdp ratio. i said, there was more work to be done. we do not have to do it this year and we do not have to do it in this way. >> real quick, what are the olds of the deal? bob? >> ah, 30%. >> 30% odds of a deal. you agree with that, laura? >> you know, we might blow through the sequester deadline. i think once people look at the cuts that are required, they are going to back away,
we don't need to do this now so i think we should -- we've done plenty of deficit reduction for right now. the newest cbo numbers show the deficit is going to come down dramatically in the next couple of years. let's get to another election. >> can you really say -- can you real say we've done deficit reduction when in fact the only thing that was cut was the projected it was -- laura. we still have $16.4 trillion in debt. that's -- >> yes, and i want to ask you, maria, what's the...
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Feb 1, 2013
02/13
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we have a deficit problem that puts at risk this recovery. so, there's a lot of government action that's needed. and on that score we haven't been that productive. there's a lot of concern about the deficit, quantitative easing and whether this rally is fundamentally induced or as a result of the money that the fed has pumping into the system. >> that's been an issue, gary, as far as the federal reserve pumping money. it's all about the fed, not necessarily about fundamentals. >> right and. >> and the failed bond sale. how are you allocating money right now? >> so me and -- i and the other members of tiger, high levels of cash, less fixed income. the fear that interest rates will rise. but we're starting to allocate more to private equity and public equity with historic numbers in private equity. 20% across the board allocated to private equity where a lot of america's wealth has been built for individuals. there is a movement back towards equity. as i say, it's not a stampede. it's measured because there's still a lot of concerns about some
we have a deficit problem that puts at risk this recovery. so, there's a lot of government action that's needed. and on that score we haven't been that productive. there's a lot of concern about the deficit, quantitative easing and whether this rally is fundamentally induced or as a result of the money that the fed has pumping into the system. >> that's been an issue, gary, as far as the federal reserve pumping money. it's all about the fed, not necessarily about fundamentals. >>...
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Feb 6, 2013
02/13
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. >>> when thele toings who are responsible for solving our debt deficit issues are the same ones against cost-cutting at the post office, it means we're in pretty deep trouble. we'll talk about it next. stay with us. ak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac. like his rent and car payments? aflac. what about gas and groceries? aflac. cell phone? aflac, but i doubt he'll be using his phone for quite a while cause like i said, he has a fractured beak. [ male announcer ] send the aflac duck a get-well card at getwellduck.com. riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade. check my investment portfolio, research stocks... wait, why are you taking... oh, i see...solitary. just a man and his thoughts. and a smartphone... with an e-trade app. ♪ nobody knows... [ male announcer ] e-trade. investing unleashed. >>> and final
. >>> when thele toings who are responsible for solving our debt deficit issues are the same ones against cost-cutting at the post office, it means we're in pretty deep trouble. we'll talk about it next. stay with us. ak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac. like his rent and car payments? aflac. what about gas and groceries? aflac. cell...